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Trust and Search in Vietnam's Emerging Private Sector

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Author Info

  • Haggard, Stephan
  • McMillan, John
  • Woodruff, Christopher

Abstract

This paper investigates how start-up firms in Vietnam operate in the face of two significant market frictions: a poorly developed legal system and inadequate market information. We argue that these two market frictions actually offset each other. Poor market information and the consequent difficulty of locating trading partners can help make self-enforcing contracts workable. Firms that have nowhere else to go will refrain from breaking their agreements. If it is difficult to locate alternative trading partners, firms will invest in maintaining their existing relationships. Our empirical analysis is consistent with this hypothesis.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1506.

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Date of creation: Nov 1996
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Handle: RePEc:cpr:ceprdp:1506

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Related research

Keywords: Contracting; Search; Transition; Vietnam;

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Cited by:
  1. Simon Johnson & John McMillan & Christopher Woodruff, 1999. "Contract Enforcement in Transition," CESifo Working Paper Series 211, CESifo Group Munich.
  2. Benson, B., 1997. "To Arbitrate or to Litigate: That is the Question," Working Papers 1997_04_02, Department of Economics, Florida State University.
  3. Luc Moers, 2000. "Determinants of Enterprise restructuring in Transition: Description of a Survey in Russian Industry," Tinbergen Institute Discussion Papers 00-026/2, Tinbergen Institute.
  4. Jeffrey B. Miller & Stoyan Tenev, 2005. "State and Ownership Reforms in Transition Economics: China vs. the Orthodoxy," Working Papers 05-10, University of Delaware, Department of Economics.
  5. Gow, Hamish R. & Swinnen, Johan F.M., 2002. "Investment, and Contract Hold-Ups in Transition: Evidence from Hungary," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24853, European Association of Agricultural Economists.

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